Planning Potpourri

■ Free
online goodies www.360financialliteracy.org
is the American Institute of CPA’s financial info site Chock Full O’ resources
(not Nuts, that’s the coffee) to help you plan thru every stage of your life, which
is especially helpful during this economic turmoil. It’s time to educate
yourself and take control of your financial life instead of obsessing about the
Dow going up and down which unfortunately you can’t control at all!

■ Final 2053
regs (T.D. 9468) provide guidance in determining the deductible amount of a
claim against an estate. Sec. 20.2053-1(d)(1) provides the general rule that a
deduction for a claim or expense described in section 2053 is generally limited
to the amount actually paid for the claim or expense. Exceptions are provided. If
a claim or expense that would have been deductible if it had been paid is not
fully deductible within the limitation period, the estate may file a protective
refund claim to preserve its right to claim a refund in the event that it
becomes deductible later. Sec. 20.2053-1(d)(5). A protective claim for refund
may be filed at any time before the expiration of the period of limitation
prescribed in Sec. 6511(a) for the filing of a claim for credit or refund. Even
if the IRS can’t assess additional tax it
may still reject the claim for refund to the extent the Service determines
there is no overpayment of tax.

■ Post Tax
Season Follow Up: So you signed your income tax returns and filed them. You’re
not done (not if you want to play it smart!). Call you CPA and set up a review
meeting to sit with him/her for an hour (yes, you’ll have to pay him). Ask your
CPA to review your tax return with you not to address tax issues per se, but to
identify any type of planning ideas that your return might suggest, and any
issues you may have missed. CPAs all have a wealth of general tax, investment,
business, insurance and other knowledge, but you won’t know it if you don’t
give them a shot to show you. It could be the most valuable hour of CPA advice
ever.

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